Bitcoin (BTC) surged beyond $28,000 earlier this week, propelled by changes to a spot bitcoin ETF application in the United States, which sparked optimism.The largest cryptocurrency gained 2.8%, setting a two-month high and outperforming other major coins.A significant asset management firm, Fidelity, submitted an adjustment to its proposed spot bitcoin ETF, named the Wise Origin …
Bitcoin (BTC) surged beyond $28,000 earlier this week, propelled by changes to a spot bitcoin ETF application in the United States, which sparked optimism.
The largest cryptocurrency gained 2.8%, setting a two-month high and outperforming other major coins.
A significant asset management firm, Fidelity, submitted an adjustment to its proposed spot bitcoin ETF, named the Wise Origin Bitcoin Trust, to the U.S. Securities and Exchange Commission (SEC). This adjustment detailed the actions it intends to take to protect customers’ bitcoin held in custody accounts and to disclose the potential risks associated with the uncertain regulatory landscape surrounding cryptocurrencies, among other considerations.
Fidelity’s measures were identical to those taken by Ark Invest and Invesco, which both recently revised their spot bitcoin ETF filings.
Nevertheless, these developments are likely indicative of ongoing dialogues between potential ETF providers and the SEC, bolstering the positive sentiment among traders, as highlighted by market observers.
Several organizations believe that the approval of a spot bitcoin ETF, if it occurs, will significantly raise the entire market capitalization by at least $1 trillion, given the current market size of $1.1 trillion.
Rumors of the approval of a spot bitcoin ETF surfaced earlier this week, causing Bitcoin’s price to rise by about 10%. According to BlackRock CEO Larry Fink, this price spike was interpreted as a symptom of pent-up investor excitement for the crypto market. Even when the story was debunked, prices continued to increase.
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